Selection of condos available for sale in Downtown San Diego will continue to be tight. As of early January 2021 2.5% of the total condo market is up for sale (roughly 240 for sale out of 10,850 total condos). For sale inventory will remain tight as buyers ran out of brand new condos to buy in 2020 and current downtown owners in older buildings have already resold their current condos to move into the two newer buildings.
Im expecting very little turnover this year. If you want a brand new condo, you have to wait till 2024 or later as there are no new condo buildings under construction at the moment. A lot of owners have been doing total remodels on their existing condos, so its possible to buy one with a newer interior. All but two condo buildings in downtown are over 10 years old now, most are 15-20 years old and just a select few over 20 years old.
In 2021 the California Association of Realtors economist is projecting prices to rise 4.1% on average statewide. Corelogic is projecting prices in San Diego to go up 8%. Zillow is projecting prices to rise 9.7% in downtown San Diego (92101) next year.
There are two huge construction projects going on in Downtown San Diego that will add several thousand jobs and buyers for near by residential properties. To read about them see the articles on my blog.
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